5512 -> Fax Server Page For personal use onlyasx.com.au/asxpdf/20161013/pdf/43byll5nlc8bjl.pdf · elgnlfloant Gold deoovery could be made via eysternatio ongoly exploration'. Drake

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Luke Dawson

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Confidential Cammunication

Australia's Best Law Firm and Best Professional Services Firm (revenue $50m$20Om) (2015)Best Queensland Firm (2016)Financial Review Client Choice Awards

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13 October 2016

Australian Securities ExchangeCompany A„nouncement PlatformBy facshnk: 1300 135 638

09 rt 18 69 -Lul, Da,=,

Thlsilich·onlc inll=lon 18 hltind,d ortly R,rthiiof thi lldl,Icki or Intlytonhlch It baddra -1 md rt,y cor,tain i,R,r,™1<,4 th,[ is privi,2,8, cor,fid=11 1 I, or=Ti from di,clomreunderapplcable law. lf p, se notthe hl dad reclplant any daaernhlatill, arll,thorcop,hlg ofthiscorimml=tionh,tr ly prchl,Ild If yclihieracil,Id thbcorimml=tion hlirrer, pla- nothus hlnid ly by I,phoni, return mi 0101,1,1,cb'ordc animholon to ui d thi Iddrees b,low bypost ald delite ord=broyaly electronic orother coples. Thank ou.

Dear 81r ladam

Drake Pdvite Inv=tments LLC - On-M=kit Takeover Bid for BBXMInonis Uml d ACN 080 221 634 - First Supplmnta,y BIddisStatement

We are the golldtora for Drake Pilvate Investments LLC (Drnk, or Compmy).

Purmiant to section 647(3)(b) of the Comorafions Ad 2001 (Cth), please Rnd•ti»ched a copy of Drake's Flrnt Supplementary Bidder's Statement dated 13October 2016, which relates to Its on-market takeover bid for all of the fully paidordlnviy shares In BBX Minerals Lmlted ACN 089 221 634(BBX) which are notalready held by Drake (or Its AGGOdat86).

Youra falthfully

Hopgoodeanlm Laviyam

Cont*:t Luk. Da-onSinlor Assodat,T 07 3024 0412F 07 3024 0512E [email protected]

P,tner responsible: Blian Moller

HopgoodGanimLAWVERS

IE

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1689969 -1288130441

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DRAKE PRIVATE INVESTMENTS LLC

FIRST SUPPLEMENTARY BIDDER'SSTATEMENT

lijoitmit Infoimilon

This le the Nrat aupplementsy bldder'§ 91,t„,nent (FIN P .1.4 -, , Blddeh 5;1 •m.nt)prepared plnuant to section 643 of the Comom#ons Ad 2001 (Cth) (Corporations Act) Inconnection with the on·markat takeove, bid by Drake Private Investmenta LLC (Drmics) toacqulre all{*theor{ 5yahares h BBX MInerals L. ,1 ad ACN 088 221634(88]0

The Fht Supplementary Bldder'B Statement supplemen# md should be reed together with theBIdders Statement datad 6 September 2016. The F,st Supplementary Bidder's Statementprevalls to the extent d any Inconsistancy with the Biddis Statement

Unle= the conteict recp1030 othe,w e, hma defid in the Biddia Statament have theimeaning h this First Supplementary Blddets R =*Ament

A copy d this FIrE: Supplementary Biddeh Statement was lodged with ASICon 13 October2016. Neither ASIC nor any of ita officers take any reeponsioity for the contant of this FutSupp,emen ry BIddeh Shtament

BEST AND FINAL OFFER

UIE NCRu*RuD 01EPR PRICE IS,RAKE'S BEST Ab D E': AL OFEme *10n *111 NOT

(SUBJECT TO NO SUPERIOR OFFER EMERGING)

UNLESS REQUIRED BY LAW, ™EOFFER PESMOD WI I OT BEED DED(SUBJECT TO NO SUPERIOR OFFER EMERGING)

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1. Increise In C/kiprice

Pursuant to the annolrlcem,lt made by Morgms *Iiancial UmIted on behalf d [*aka today([*alce Brolic Announcement), the Ofir price has been Incremed thirn $0.045 to $0.046 perBED< Share.

Impoltiit not,: th,Of ca ], thAIth,Einc:ms«i (aublad to nosup.,lor all,ron,arghg). Dral,s expressly reserves the right to vary the terms of the OfTer =IcUor0-nd th, Oler Pdod Intheeventtl t a -*orolerb mida

The Independent Experes Report contabled within the TErgees Statement provides that Drake'Gprevious OfTer of 4.5 carla per BBX Shin to BBX Shareholderm not a=oclated v,Ith Drake, wasboth 1 i., i · ,· i. :., to BB)(Shaivioldern.1

BED< Shseholders should note that the Independent Expert appointed by BBX determined theedmated fak value of a BED< Share to be ,%(thh the Mige of 0.824 cents per BBX Slun and1-29 cents per BBX Shse, with a prefE,red ville of 1.066 cent3 per BBX Share.2 Accordhgly,Drake's previous Offer price af 4.5 cent, per BBX Share conitklited a premkim forcontrol ofbetween 448% to 240963

Ushg the sarne values derived h the Independent Expert's Report h respect d Drake'sprevious Ofrer price, the revised 0Mer price of $0.046 (4.6 cents) Cons *88 8 premium forcontrol (rounded) of between 468% to 286%

The revised Offer price of $0.046 (4.6 cantz) per BED< Shae consiltutes a 24.396 prenikim to thedo,N share price on 5 Septamber 2016 (the day prior t lodgement of Drake's BiddetsStstement) af $0.037, and a 26.296 premkm to the vokme weighted average shse price overthe 90 Trading Daye from and Induding 3 May 2016 to and Wk,cl,g 6 September 2016:

A copy of the Drake Bkker Announcement Is attached as Ainenre A

2. No =xtanslon of OfTer Period

Unle= reql*ed by law,5 (subject to no supeMor dleremerghg). This means that the Offer wl cl,„cm = scheduled at 4pm (Sydney me) on 21Ociober 2016 (unless extended or withdrawn In accoromnce with the Corporations Act).

3. Obse,vations In respect of Tiget Statement Issued by BBX

Drake notes that BBX Dlrectcn Michael Sc*mullan and WI DIx recommend that BBXSkiateholdeis (Raliv/11 Olidom) r*ct Drake's Offer h the absence of a supellor ofYer.

'Sairca BaXAS)(Annainciment -re,glaili„wir rele=ed oRASXon 40=*12016 (r=gies St,I mi,W Ilcornplinci nth ASIC Cl- Ord r [CO 13521] - r-rk, pate 4 of Schick,Ii 1 Indlip,nclo# Expirt's Riport Dril, v,aildencouige BBXS eholdersto re the Targersatatiment and Indepaide,1 Em=N Ragot Inal =thies doc„inermcor!1,11 nport#,4 41/Ilailia, , linilillorm ind hlbrn.14 k, th,t pr-Ir! d #thhl thls, mint' Riferto Fodin- 1 - Targirs St-mint 019= 14 and 15 of Sch,ch,1,1 Independ,m Experrs Raport' FWar b Footnot. 24 8airce: Iress nzrket data, m at 6 September 2016 h comp nce w*h ASIC Corporations (Conaerm 10 818!ements)InitwnerIt 2018172' For -,Iniple, under =*im 04(2) of thi Corpomtions 4 If a biddler's ,«hlg poAW h a ts,l hicre-= 19 mori than 6096,then theofTer per d le aion)ill* tidd eothat Itide 14 da, aftirthe diy on whlcht tvotiv BOAirthr=hold leri.

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Drake thds It curious that suoh a reoorr endation was ulnrnately made by the RelevmtD ectors havhg regid to:

the Independent Exper['8 Report contabled within the T,gers St*ment provlding that hthe absance of amore superior ofTer, Drake's previous OfTer of 4.5 cent3 per BBX Shin toBBX Shareholdern riot assoclated #th Drake WE both falr and rae=onable to BBXShseholders,

the Independent Expert'G egt nated fir vahle of a BED< Share to be within the r=ige of0.824 cerib per BBX Shen and 1 -29 cerib per BED( Shen, with a preferred value of 1.066cent, per BBX Sise,7 Accor[Ingly, Drake prev us Offer price of 4.5 cents per BBXSham conslitirted a premkin for control of between 448% to 24096.

the As,Immenlal hA£/ af the 1- • · - 4 $ 1 appearhig to be a statement made In theIndependent Technical Valualon that there Is a moderaie to high licallhood thai aelgnlfloant Gold deoovery could be made via eysternatio ongoly exploration'. Drake doesnot consider this p,tlcularly compelhg UNen the uncertality applcable to exploravonprojects generaly, and the qualmcations attached to this statement (bolded for reference).When considering the h,als for this recommendation, [*ake would encourage BBXShseholdern to refer to the risk factors Induded Inthe Targe¢'8 Statement, particularly thosesecions (or psts 0Xly-4..1 b*w:

o Section 15 BBX Risks U.1 Sped,Ic rtsks (b) Ad NUonal mqui:,ments for

88X w# be n,qulod to mise add/tiona/ Mds in #le *An h #le event explom#oncosm exceed 88rs es#mates and to e#hi#ve, imp/ement Es bus*1888 andopem#ons plans h #le Ming b taka adl,antage of oppoiluntjas, and to meet anyunardielpaled #abil les or Mipennia which RE[Xmay D,GLr.

BED( may aeekb ralse *ither Ands virough equay or debt * clng, jointventUMS,production shark,g amingemera or other means. Fa irs b obtaln sumcientflnanchig 1br 88>Ch adMIes ariel lbAn p!*cta may rasut Di delay and hdalkittepostponement of exploralon, or e,en lou of aproperty htereaL There can bonoassunince that ado onal fi,anos wl be a,Bilib#s when needed, or i awii/abh #,ale,ms dthe th ancIng might not be favollable to BBX and might Nok,e Bubstarliald/ki#on :o SharehaWa,3.

o Secdon 2588]fRbb- 111 Speinc,#sb (c) E*p#om#on,isks

The mineral tanementa of the Company am at rlous sdages of explonation, andpotential Aes:05 should undets:and mat mineral exploration and development am1140)#sk undaitabam.

There Cart be no ass,zance that exploration of these tenerner or any otherlanemenia that may be acquh,d h the 111!In, Wil,88/ h the d/scove,y of ansconom#c om depost Even W an apfia,BI® viable dipos# is #da,#ad, #tem *s nogus/antee #ld # Gon be 66000,7140* exjibled.

' R,forto Foall 1 - Tarots S mim pige 4 0, Schack,e 1 Indipandir t Experre Riport7 R.f,r to Bootn- 2' Rder 1, Footrds 2' R,f rto Foolne i 1 -Tirg/88 m1int pig= 410 ind 11 of Bchicide 1 Indip,1dirt Eipifi R,porL

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o Section 15 88XRhb - 1&1 Spec/nc d=b M Gold- dawlopment *sh

The Comps,lyh ab4 fo achieve ·'. -:: ., cost and capial.-

ss#mats, on a #me* bash cannot beassind, Ths business of go#d *velopmentkwohms many Aslm and may be hipacted by factor: b ckidq overall avalabmy ofhe cash fo li,)d conil,tilig dabe#opmen# ac# 080...

Coupled with the above, Drake notes the folio%*10 excerpt front the Independent Expert'sReport

BBX As in a poormianc#al date h that cis,ent /hab//lies exceed oment asssts (es#matedEl apprmdrnately $259,000) and an urgant caplal raising & miririd (probably over $1mion) to pay olk;andhlg debks and provide new worldng captal for the Brna*tder of2016 and as,4/ 2017.10

Whle Drake acknowledges that some of the Ilabilltles are nounts due to dhctors (which may,subject to 8hseholder approval be converted to equity), md that Borne -bl the money' optionsse clsrently outstanding or may shoitly be exscised (havb,g regard to the Mdertaldngs givenby the Ralevant Direc on111 it b dear that BBX 9 raqiire add ional fl dlig. BBXShareholders should conalder tile potannal dill,Ove Inipect that ad(itional fls,d#g will haveonthet holding h BBX v,hen ciinipared *the himedhts cmh edt o ered by Drake.12

The Independent Expe,fs Repot abso no as that18

O#ler #lan ibr De# and maybe stnual o#ler shamholds,K i & 1/imrs* thatshareholdem would fully support a rightn Issue and a placement of sha,58 to newbvesion Ov Chke and asve,al other 0hareho#dam) »oud be mlid ™s 10„Wdliwig 11= 4 I ./.4 in BaXbrmodih mhoadan

The success of a #ben cap/tal #a/,4 may be has* dependent on a)1#ora#on81100888 In the near flkin and whid *21 having ahamholdern other than Drake, theappod of Dm#re.

88) m-pr*ce "NUM.Jum. 8.Go Copper -act 'd.=- 19nom genen, 19 cash nows and sm sul*ct #0 numerous vite lick,ding, gok, and

CUll,7101, #70 Jk/na East Gok Copper Pn*st has no announoed,880[#ces and 10 010.-90"hman,po: nlal-·

.#le aNly 04,1#or e)q,#om#on con¥,ar#as to mhe cash finds over the pastyaar or sois extremely cifficul and no guaranke can take p ce that RAX could raise flrthercapHal at a price abave the range of aham prices as traded on ASX over the past fewn onths.

li h noted thst D,Ike has bme, I slgnmcinth.,0/ supponir of BaX overth,psst sivi,il ,=m..W ,0,01 tho suppo,f of Dial< thi Comp ny mq no hip,

R,forto foohlo 1 - Tar,re S rni,ft pigi 17 0, Schack,01 Indipancent Experre RIWit11 Refer to R,061* 10.= R,fer to Fooil* 14." R,f r to Footn- 1 - Targies 8 rn,nt p•, 17 ind 18 of Bch«kili 1 Ir--Id,nt Expids R-,rt

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suMved„ a goN concern and could not hivespent andwoul not have *mabl#00 pond ,sums ofmong on Ihe.3,#10 Ess: 001* CoppOr P#Rject

[emphasis added]

Taldng al of the above Into account and parOcul ty the fact that

BEDCs mah pr*ct 18 a long way 017 any potential commercidleation (Md as a generalobservation only, Drake notes that ordlns,iy Isge amounts of capital are reqdred for anexploration entity to transition to a produdion enlty); and

BBX Im In a poor Fandal tate,

Drake hvltes *areholden to consider the potential d lithe efred on thedr BED( Shareholcling Ifsuccessive eclully ralshigs were to be undenaken by BBX14

Drake notes the =gertion of the Relevant D ectors that.

- the Independent Expert'§ concklelon = b whether or not the 01*r le fair andreasonable;

- the Independent Technical Value/s =sa=ment of the value of BBXs mheral assets

h each cme, does not take into accolmt exploration upside

Haweia, nal„*thst,King the assertions d the Relevant [»Bc$Drs as to what the IndependentExpert and Independent Teo loal Vakler cid not take Into aooount vdhen reaching theirrespective conduelone, Drake belleves that given thecontrol premium that la Ofrer Inckides, ImOffer dearly cioes reflect exploraiion upside. In any event, Oral(e notes that itz Offer i wellabove the range provided by the Independent Expert

Addtionally, while Drake acknowledges that h 107nhg the, recommendation, the RelevantDI-ectors ware free to form an ophlon that dIfferB to that of the Independent Expert and theIndependent Technical Valuer, [*alce 18 bemused that auch an ophlon ,as ullimaly formedhavhg regard toi

a) the maifers Isted above;

b) the Oftw baig considered bih fa* and reasonable by the Independent Expert and

c) the substantial premium for control behg cfered by Drake.

[*ake also notes that BBX Grector Al=tair Smith h= made no . -• . ·:A'. to BBXShareholders In relation to the 0!Ter, and has elected b resign = a dlrector of BED( at thecondusion of the takeover or v,han BBX chooses to ra e Asther capital.18

u BED( Sh/iholdim ihould noti thit BEIX m did 10 Mli Ainds through othir rnams (auch m dibt bidhg) Id It n bethi c- t t iorni or / of my Mily r,Ishlgi could occur on a pro-r- bii44 h which cm provided th,1 BaX Stia,iliddlersmto Wrttlp- Il the rel,/alt«*ily railla their holdhlg v=Id I ly ther not be dluted or be dar d to a le,agoilint Rik to Fodiloli 1 - Timirs 81,1*in,rt pigo 6.

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VoRng Power

As at dose d tradhg on 12 Octob, 2016, being the st Trading Day prior to lodgement of thisFlmt P 0 ..A., Bidder'a Statament Drake had a Relevmt Interest h 106,467,928 BED(Shies, represent a Vang Powar of :i·r · , r.<*:'536.75%.

5. Additional Information

Drake has relied on the modlfication to section 636(3) of the Corporations Act set out In ASIC™88 Order [CO 13/521] to hade, without obtaining spedfic consent. statements which aremade In, orbased on, statements macie Indocuments lodged vAth ASIC or ASX Under theterms of ASIC Class der [CO 13/521], the pmves maldng those statements se not requhdto consent to, ENId have not conaented to, the Induslon of thoee atatementa h thls FlitSupplementary Bidder'g Statement A list of al such documenta iS Set out below

BBXs announcements lodged with the AS)<:

0- dged Announcement04/10/2016 Targets Statement

No person who has made any d these statements has consented to the slatement behighok,ded In or accompanying this First Supplementary BIddets Statement h the form andcontaict h which It le hcluded. Drake ¥All w hln 2 buslness da of a request macie du,ing theOffer Period, provide a copy of the above doclments (or p,t thereof) he of charge to anyholder of bid daes Reclrittee free of charge pursuant to ASIC Class Order [CO 13/521].Please contact Drake at drakeoosadrakernanaoament.com.

As permitted by ASIC Corporations (Consents to Statements) Instrument 2016/72, this FllatSupplementary Biddees Statement contains securuy price tradhg data sourced from IressMarket Data without Its consent

Drake has not oualned from ASIC ENly other moclflcailons or exemptions from theCorporations Act In relation to the Offer.

6. Approval of Fld Sunr6-, ntary Blddets S*-*-vent

This Ast Supplementary Bidds's State ent has been approved by a resolution of the lectorsof Drake.

Th 18 F,st Supplementay Bidder's Statement 18 dated 13 October 2016

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For and on behalf of Drake Private Investments LLC

................................................

Scott Riley

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ANNEXURES

Annexure A - Drake Broker Announcement

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Saxldxr**Ig I WW# Wqemsit I *pa Ahes

Company Annalmccmenb OfficeASXLimitedExohangc Centre20 Bridge SErcotSydney NSW 2000

13 October 2016

ASX ANNO[IN 1,1 51

For Immediate Release

Morgans 4ZG

™CREASE IN ON-MARKET OFFER BY DRAKE PRIVATE INVKSTMENTS LLC FORALL ORDINARY SHARES OF BBX MINERALS LIMITED ACN 889 121 634

HIGHLIGHTS

':1. 14 .:.:.. 1 11: 6. id: I . IN ; 1,-1 1.,0 ; 3 . d, 0 1 . 10 :11.9 : . A l

WAL NOTRE TNCREASED(SUBJECr TO NO SUPERIOR OF FER EMERGING)

UNLESS REQUIRED BY LAW, ¥ . 3 6 4'j : . ' , I.'I '

(SUBJECT TO NO SUPERIOR OFFER EMERGING)

THE BIDDER IS OFFERING AN INCREASED OFFER PRICE OF SO.046 PER BBX SHARE,WHICH CONSTITUES A PREMIUM FOR CONTROL OF BETWEEN 458% T0156% TO

THE VALUKS DERIVED TNTHE INDEPENDENT EXPERT'S REPORT OF BBX'

THE BIDDER TS OFFERING AN TMMEDIATE CASH EXrr AT A SUBSTANTIALPREMTUM, WHTCH THE BTDDER NOTES SHOULD BE COMPARED TO THE

POTENHAL DILD'lrZE EFFECT ON HBX SHAREHOLDERS OF HBX RAISINGADDITIONAL FrNANCIN(2

Pursuant to a Bidder's Statement datcd on or about 6 September 2016 (dic Bidder's Statement),Drake Privme Tnveenentl; LLC (Bidder) made an o,MnEricet takeover bid for all of the fully pEidording,y shares (Sharel) in the capital ofBBX Mincrals Limited ACN 089 221 634 (BBX), that it didnot then own (the OfTer).

MorganG Financial Limited (the Bial,lor's Brnk-) refera to ik own - , f on 6 Sep(Ember2016 concerning the Offu, and hereby announces that the Omr price has been Increased to $0.046.

BEIX mmholdet, E[mid rE- to Section 1 of 810 Biddi• FIrt 54P1=i„ify Biddi, 91,tri=If dild 13 Odobs 2016. BEIX511.Ii,Dick=,himid,Im mid lhk /ili I]lit in 180 94) *=t oflhe BHX 1)4/'i Stili„=,1 Il 180 I,Ilipi,111 Exputh Reptit 01,11.inedwithin it,whioh=Ihi=[19,(11„t inizizi[( ,1,l010 lic==ilimil lici,11011=1,1,=de,hedl,the I,tic! id„*E pot ThkEILmbc,

'mil*/lothoolbg*Of MNnSBHX 5*mholdeti /1[mid r- to Secli[It 3 of 111, Biddi, F-* ill=N fy Bickli. Slitn,=it c ,d 13 Oolobs 2016. BHX

Slii„lial,li, /,Ii,W nito mt EX=yeld 19 rib niidih=$ alhuIlidi Ida #IdnBd it niy be 180Itht=DEdl of my eqgity misin, 0[mld oo on ipiwi* 1-4 indiiBiovidedIiNX 52 . ,1,6..mto par4ap.*- in tin rel i,144*in; azir iddini wgi,W lihly 01111= Dit be dnta or be dihilid 19 i liis=10:t

L,0,1 29 123 E,gl, grit Bilibi» QLD 4 0 1 GPO Box 202 Rlibi» QLD 4001 Au**TII,phm, 481 7 3334 4NS Fic*1118 +61 7 3831 f•m132m0539Ill AFSL235(07 APmlkipml/ASXG,NARIsskr Pm11wdl),MImP Mkidllialkal-[ sIld1- Pllm#lkIllipilininil Igallilt Ill Ill,k ss Ild Iic=Ill*Idlllgl

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Saxldxr**Ig I WW# Wqemsit I *pa Ahes Morgans 4ZGThc inoreased Offcr pricc reprcient a 243% premium to the Cloging Share price on 5 Sq*mhcr 2016(dic day prior to lodgcmcnt of lic Bidder's Statcmcnt) of $0.037, and a 26.2% premium to tlic vohimcweighted average share prioc ovcr thc previous 90 Trading Days from and inch]ding 3 May 2016 to andincluding 5 Scptcmber 2016.

Thc Bidder has advised chat mlbjcct to no mparior ofrcr emerging

the increied Offs Fice iM the Bidder'M BEST AND FTNAL and WILL NOT BEFURTHER ™CREASED; md

unless required by law, the Offer Patiod :A I A ',1 : ' ».4 W *Al I ' I

No othcr terms of the Offer have chang¤d, amd accordingly the Ofrer w[It remalm opera forteeept.mee lintn ate pl:- of tr•ans on ASX ( 2 i , , r . ' --i 4.00pm AluiT) om 21 October 2016(unless extanded or withdrawn in accordance with the Coipontkinc Act 2001 (Cth) (CorporationsAct)).

Az at 12 October 2016, thc lalt practicable day before thc daic of thc -1 1.' ' 1. /,1 , thc Bidder has aRelevant Interest (as that tcrm iR defined in the Corporationn Act) in approximately 106,457,928 BBXShares, representing a Voting Power (al that tcrm is defined in dic Corporations Act) in BBX of

' 36.75%.

Signed for and on behalfofMorgan, Financial Limited

John PolinclliDirector, Corponte Advisory

L,0,1 29 123 E,gl, grit Bilibi» QLD 4 0 1 GPO Box 202 Rlibi» QLD 4001 Au**TII,phm, 481 7 3334 4NS Fic*1118 +61 7 3831 f•m132m0539Ill AFSL235(07 APmlkipml/ASXG,NARIsskr Pm11wdl),MImP Mkidllialkal-[ sIld1- Pllm#lkIllipilininil Igallilt Ill Ill,k ss Ild Iic=Ill*Idlllgl

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Documents

5512 -> Fax Server Page For personal use onlyasx.com.au/asxpdf/20161013/pdf/43byll5nlc8bjl.pdf · elgnlfloant Gold deoovery could be made via eysternatio ongoly exploration'. Drake